Renewable Energy PIF and Acwa Power to team up for 3GW wind farm Saudi Arabia’s $940 billion Public Investment Fund (PIF) and its affiliate Acwa Power are working on a wind farm project to develop enough electricity to power three small cities, according to reports. The wind power projects, one for 2 gigawatts and the other for 1GW, are part of the 2025 round of the country’s National […] May 23, 2025
Tourism Skills shortage a concern for Saudi’s big-ticket events Saudi Arabia’s tourism and hospitality sector is suffering a skills shortage which it urgently needs to address before hosting some of the world’s biggest events, the CEO of one of the kingdom’s giga-project companies said. Of these events, perhaps the biggest is the 2034 World Cup. But before that lies a host of others as […] May 23, 2025
Opinion Energy Gulf welcomes Trump’s hands-off approach to energy policy Trillions were pledged in AI and energy, but Opec stayed out of the spotlight May 22, 2025
Finance Franklin Templeton plans Saudi products with $5bn PIF agreement US asset manager Franklin Templeton says it plans to create and introduce financial products in Saudi Arabia that takes advantage of both international investor interest in the largest Arab economy as well as local appetite for global markets. This comes after the company agreed in principle last week with the Public Investment Fund (PIF) to […] May 22, 2025
Opinion Trade Trump in the Gulf: There’s substance behind the hype Was it all just for show? The investment agreements 'signed' during the trip are clearly ludicrous May 22, 2025
Aviation Flynas sets IPO price as retail tranche opens next week The retail tranche of Saudi budget airline Flynas’s initial public offering (IPO) will start on May 28 after the institutional tranche was oversubscribed almost 100 times, according to a statement to the Saudi stock exchange. The airline set the IPO price at SAR80 ($21.33) per share – the top end of the range – raising SAR4.1 […] May 22, 2025
Opinion Trade In the Gulf, the US outpaces China where it counts Gulf states know there is more to gain from denser cooperation with US defence and tech companies May 21, 2025
Analysis Petrochemicals Trump’s China tariffs give relief to Saudi petrochems Saudi Arabia’s beleaguered petrochemicals industry, especially those that rely on propane gas to make their products, has received some welcome relief from an unexpected source: President Donald Trump and his trade tariffs on China. Trump’s first notable tariff moves against China – the world’s largest importer of propane – came in February. Beijing, which had […] May 21, 2025
Renewable Energy Acwa Power’s $2bn capital top-up approved Saudi Arabia’s market regulator has approved Acwa Power’s capital top-up request to support its global expansion. The agreement will allow the renewables major, which is backed by Saudi Arabia’s $925 billion Public Investment Fund, to increase capital through a rights issue worth SAR7.2 billion ($1.9 billion). The offering price and the number of shares will […] May 21, 2025
Telecoms Aramco and STC units back US tech startup Graphiant US network connectivity startup Graphiant has secured funding from the venture capital units of Saudi Aramco and Saudi Telecom Company (STC), as it plans to open a regional headquarters in Riyadh. Aramco’s Wa’ed Ventures and STC Tali Ventures have invested a combined $19 million, bringing total series B funding to $102 million, Graphiant said in a statement. […] May 21, 2025
Markets Saudi capital markets hit SAR1 trillion mark in 2024 The value of assets under management in Saudi capital markets surpassed SAR1 trillion for the first time last year. Their value was 21 percent higher than in 2023, according to the Capital Markets Authority’s annual report. It brings Saudi Arabia closer to achieving its Vision 2030 ambitions for the financial sector. Total assets under management […] May 21, 2025
Oil & Gas Saudi Arabia to burn more summer crude as fuel oil prices rise Saudi Arabia is expected to burn more crude oil for power generation this summer than last as it ramps up output after Opec+ eases supply controls and as fuel oil has become costly, analysts and trade sources said. By burning more crude the Opec kingpin could ease some concerns over global oversupply after Opec+, which […] May 20, 2025
Finance PIF set to double European investments with Paris office Saudi Arabia’s Public Investment Fund (PIF) is to open its first subsidiary company office in France as it targets doubling its investment in Europe by 2030. The new office underscores the fund’s aim to foster close collaboration with local partners, top companies and institutional investors in Europe, the fund said in a statement. French President […] May 20, 2025
Energy Middle East energy infrastructure gets $1bn boost Riyadh-based Arab Energy Fund (formerly known as Apicorp) and US-based Stonepeak have agreed to jointly invest $1 billion in energy infrastructure across the Middle East. Khalid Al-Ruwaigh, CEO of Arab Energy Fund, said in a statement that the partnership aims to accelerate the development of what he refers to as future-ready energy platforms, which will […] May 20, 2025
Analysis Markets Saudi IPOs bounce back ‘quicker than expected’ Three initial public offerings launched in the past six weeks stand to raise close to $1.8 billion on the Saudi Exchange – nearly twice as much as the IPOs on the main market in the first quarter. This suggests the lull in Saudi IPOs that followed President Donald Trump’s “Liberation Day” announcement on April 2 […] May 20, 2025
Aviation Saudi’s air passenger numbers up, but off target Saudi Arabia recorded a 15 percent rise in air passenger numbers year on year in 2024, below the pace needed to achieve an ambitious target by 2030. Last year 128 million passengers travelled through the kingdom’s airports, according to the General Authority for Statistics. Of these, 69 million were international travellers, while 59 million were […] May 19, 2025
Transport Neom-backed Volocopter delays rollout of air taxis German air taxi company Volocopter, a partner in Saudi Arabia’s Neom giga-project, has delayed the launch of passenger services until next year, as it focuses on emerging from insolvency following its acquisition by new Chinese owners. Borja Blond, CEO of the joint venture between Neom and German manufacturer Volocopter, had said in 2023 that Neom […] May 19, 2025
EXCLUSIVE Giga-projects PIF plans $100bn ‘Project Paradise’ Saudi Arabia’s $925 billion Public Investment Fund is drawing up plans for a $100 billion development in Riyadh, even as it reins in spending across some of its flagship projects, according to sources. The mixed-use project, known internally as “Project Paradise”, is in the early planning stage and is expected to be located southwest of […] May 19, 2025
Finance Saudi Arabia and Qatar clear Syria’s World Bank debt Saudi Arabia and Qatar have between them repaid the $15.5 million outstanding debt of Syria to the World Bank, the Washington-based multilateral has confirmed. “As of May 12, 2025 there are no remaining outstanding balances on International Development Association (IDA) credits to Syria,” the Bank said in a statement. The country will now be eligible […] May 19, 2025
Petrochemicals Sabic explores listing industrial gas unit Saudi Basic Industries Corporation (Sabic), which is 70 percent owned by Saudi Aramco, is reportedly planning to sell a stake in its industrial gas subsidiary through an initial public offering. The company is in early talks with potential advisers including Lazard, HSBC Holdings, JPMorgan Chase and Morgan Stanley on a possible listing of National Industrial Gases Company this year, Bloomberg […] May 19, 2025
